Novatti Group Limited, a leading fintech that enables businesses to pay and be paid, recently announced the launch of the Australian Digital Dollar (AUDD) on the XRP Ledger (XRPL).
The new development was disclosed in a blog post released on 13th June 2023 and further shared on the company’s official Twitter handle.
The next evolution in global payments is here. 🌏@NovattiPayments has announced its 1:1 fiat-backed stablecoin, AUDD, is now live on the #XRPL. Read how this new deployment marks an important inflection point in the journey toward the Internet of Value. https://t.co/S6WfZN8cxa
— RippleX (@RippleXDev) June 13, 2023
Read Also: Ripple CTO Pinpoints the Major Benefit XRP Derives from XRPL-Based Tokens
What to Expect
The incorporation of AUDD into the XRP Ledger means that users around the world can trade and make payments with other XRP-based tokens using a native decentralized exchange (DEX). It also grants user accounts access to AUDD through any XRPL-enabled wallet anywhere.
Reacting to the new development, Peter Crook, the CEO of Novatti Group, said:
Novatti is excited to continue the journey in bringing our stablecoin roadmap to life with the goal to provide faster, more secure payments with lower friction costs to consumers.
“By deploying AUDD on the XRP Ledger, we will be able to capture the growing demand for digital currencies and create new revenue streams for our business, while delivering on our promise to make our solution available to multiple networks.”
This most recent step confirms Novatti’s effective use of XRP, the native digital currency of the XRPL, for international transactions. Currently, AUDD is being integrated into Novatti’s existing payment suites and is expected to be used in diverse settings including remittance, gateway trading pair, and stablecoin-as-a-service.
Read Also: Former Lawyer and XRPL Layer-2 Builder States Five Predictions for Ripple-SEC Lawsuit
What is the XRP Ledger (XRPL)?
XRP Ledger (XRPL) is an open-source public decentralized layer 1 blockchain which is led by a global developer community. It is fast, energy-efficient, and reliable. For over ten years, the blockchain has been considered the best suited to enable settlement and liquidity of tokenized access and scale.
XRPL offers added advantages over blockchains since it provides developers with a strong open-source foundation for the performance of most demanding projects without affecting the XRPL’s efficient feature set.
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